ECONOMY: Cyprus GDP growth estimated at 3.6% in Q3

Cyprus’ economy expanded by 3.6% in three-month period July-September, racking up 15 quarters of consecutive growth, official data showed Wednesday.

Compared with the previous quarter, GDP grew by 0.7% in Q3 2018 compared with 1.1% in Q2, while based on seasonally and working day adjusted data, annual GDP growth rate in real terms is estimated at 3.6%.

The annual growth rate was down from the 4% GDP recorded in Q2,

GDP growth rate is mainly attributed to hotels and restaurants, trade, construction, manufacturing, transport, scientific and technical activities and support services, Cystat said.

However, the Financial and Insurance sector had negative growth.

“Cumulative for the three quarters of 2018 growth is at 3.9% and remains significantly above the euroarea average,” said the Finance Ministry tweet.